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» VISIT US ONLINE @ DSNEWS.COM 81 However, it did not factor in the costs of down payments or annual maintenance, as well as home appreciation, which can increase the value of a home over the years. e report indicated that if money were the only factor, the top county to rent and not buy a home is New York, New York, spe- cifically Manhattan, where the rent may be $1,915 but home prices are approximately $2.2 million. Coming in second is Santa Barbara, California, where rent is $1,958 and homes cost approximately under $1 million. Other communities that made it to the top five rent don't buy list included: Kings County, New York (Brooklyn); Monterrey County, California; and Suffolk County, Massachusetts (Boston). "Homeownership is the opportunity to build wealth. It also helps people be more stable. If there's a recession and you lose your job for a year, then people can take out a home equity loan and get through the hard times," said Joseph Kirchner, Senior Economist at Realtor.com. According to the report, the best areas to buy a home instead of rent were in Baltimore County, Maryland, where median rent is $1,443 compared to homes available for $257,000. With a median rent of $1,185 and a median home sale price of $130,000, Clayton County, Georgia (just outside Atlanta) came in second on the buy-don't-rent list. Schuylkill County, Pennsyl- vania; Cumberland County, New Jersey; and Wayne County, Michigan (Detroit) rounded off this list. RHODE ISLAND Lawmakers Examine State of Affordable Housing In 1991, the General Assembly passed Rhode Island's affordable housing law—so far, only five communities have met the law's basic require- ment of a housing stock that is at least 10-per- cent affordable, according to a recent article by the Providence Journal. Two lawyers recently met with a special legislative commission working to deliver a report on the law to the General Assembly by May 30, 2018. According to state Rep. Shelby Maldonado (D-Central Falls) and Chair of the General Assembly, the commission won't be proposing changes to the law, but the report may point to ways it could be improved. In addition, she of- ficially called the Special Legislative Commis- sion to Study the Low and Moderate Income Housing Act. e act became law when the General As- sembly determined there was "an acute shortage of affordable, accessible, safe, and sanitary hous- ing for citizens of low and moderate income" in Rhode Island, the article noted. e only areas that have met requirements of the minimum 10 percent threshold are: Central Falls, Newport, New Shoreham, Providence, and Woonsocket. e Providence Journal also notes that 14 other communities have not even reached 5 percent. e market most notable includes Little Compton at 0.56 percent, accord- ing to the HousingWorks RI 2017 Factbook. A 10 percent goal should only be a starting point, and according to the article, 3,500 new housing units need to be added annually in Rhode Island—81 percent should be affordable for the state's growing senior and millennial populations. However, some believe the law is an, "unwelcome state usurpation of local control over planning and zoning." Meanwhile, the article notes that some perspectives argue that non-deed-restricted but inexpensive hous- ing, such as mobile homes, should be counted toward a community's affordable-housing stock. is could serve to shield communities from provisions in the law that allows developers concessions from local zoning rules to increase the amount of affordable housing. e lawmaker's meeting included presenta- tions from William Connell, who works for the General Assembly's Office of Legislative Council, and who gave an overview of the law, and Steven Richard, the legal counsel for the State Housing Appeals Board (SHAB). SHAB, an all-volunteer, seven-member panel, hears appeals from developers whose affordable-housing proposals are denied by local boards, and SHAB decisions may be appealed to Superior Court. Richard said there are currently two cases on the SHAB's radar, but the caseload often goes up to seven or eight cases at a time. Richard told the Providence Journal that some of the timetables for SHAB decision-making, as out- lined in the law, are unrealistic, and he also said that the ability to appeal decisions to SHAB multiple times during the approval process can be problematic. THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. According to the most recent Zillow Home Value Index data, the median home value in Rhode Island is $264,900. KNOW THIS